The Hoyt Report Oct 25,2024

This Week’s Market Overview With the season wrapped up outside of the Desert Southwest, more growers are reporting average to below-average alfalfa hay yields. Intense summer heat hindered plant growth, and many growers opted for shorter cutting intervals to target higher-testing hay. The summer was relatively dry, so there was less rain-damaged hay in the West. In some areas, particularly parts of the Great Basin, supplies of fair-quality alfalfa aren’t as abundant as they were at the beginning of the season. In parts of Idaho and Nevada, the market for lower grades of alfalfa hay has improved slightly, while prices in most other areas remain steady. Demand for highertesting alfalfa has slowed as dairies reassess in light of a softer milk market and lower prices for other ration components. Milk prices remain profitable, but there has been recent uncertainty, especially regarding exports to China. Many contacts expect the market to remain slower through the end of the year, with some buyers holding off on larger decisions pending election results and further economic news. Export demand for grass hays has been Good with steady movement especially for middle to lower grades. Buyers are still price sensitive and the U.S. dollar has been strengthening over the last month after coming down this summer.

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